Kongsberg Gruppen

Investor Presentation • Feb 11, 2022

Investor presentation Q4 2021 & preliminary full year 2021

Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, EVP & Group CFO

KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must include this legend. © 2020 KONGSBERG – All rights reserved.

DISCLAIMER

This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of the Company or assumptions based on information currently available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give assurance to the correctness of such information and statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans", "seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof.

By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected.

Any forward-looking information or statements in this presentation speak only as at the date of this presentation. Except as required by the Oslo Stock Exchange rules or applicable law, the Company does not intend, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward-looking information and statements, whether to reflect changes in the Company's expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based.

Given the aforementioned uncertainties, prospective investors are cautioned not to place undue reliance on any of these forward-looking statements

Highlights – full year 2021

• Excellent operational performance

ESG industry top rated

Order backlog of BNOK 50

Continued scaling

Strong cashflow from operations

Proposed dividend of NOK 15.30 per share and up to 500 MNOK in share buy back

Highlights 4th quarter

• Positive trend in aftermarket continues, and improving revenue from new build segment in Maritime
• Solid order intake in Defence with book/bill of ~2.5, driven by missile contracts of more than 5 BNOK
• Continued roll-out of Kognitwin and Vessel Insight, and scaling to deliver on future commitments and opportunities

Important contracts awarded in 4th quarter

Remote weapon systems (RWS) to the U.S Marine Corps (USMC)

Naval Strike Missile (NSM) to the Norwegian Navy

Joint Strike Missile (JSM) to Norway's fleet of F-35

Digital twin for deep-sea operation to The Metals Company

Six HUGINs to Ocean Infinity

C4 integration to Australia

Business update Kongsberg Maritime

• After market at pre-pandemic levels
• Positive sentiment in new-build market
• Extensive product portfolio enhances scope on vessels in key segments
• Diversified customer exposure reduces single market dependency
• "Green shift" and regulations further strengthen demand for KM's products and solutions

Comments Order intake by shipping segment 2021

Business update Kongsberg Defence & Aerospace

Comments Order intake by business segment

• Strong missile order intake
• MRO business continues to expand scope
• Continues ramp-up and establish engineering hub at Rygge
• Critical components delivered to several satellite launches

Business update Kongsberg Digital

• Roll-out of Kognitwin and Vessel Insight
• Digital twin partnership with FutureOn
• Demand for traditional maritime -and cloud-based training solutions is "picking-up"
• Collaboration agreement with Aker BP for SiteCom Enterprise Cloud
• Continued ramp-up to deliver on existing commitments and seize new opportunities

Comments Kongitwin and Vessel Insight

Financial status

Continues to build backlog

Profitable growth in 2021

• Revenue growth in all business areas
• Growth in all divisions in Defence segment

• Maritime growth driven by after market

• Main drivers for increased EBITDA;

• Favourable project mix
• Solid project execution

Double digit growth in order intake, revenue and EBITDA in Q4

Cashflow 2021

EBITDA cash conversion ratio >1.2

Net working capital

Investing for growth

Proposed dividend and share buyback

Return on capital employed continues to increase

Kongsberg Maritime

Increased order backlog and continuous improved EBITDA margin

• Strong order intake especially from offshore wind and tugs contributed to increased backlog
• Increased revenues from aftermarket drove overall revenue growth

• Favourable project mix

• Full-year effects from integration process

Cross sales from combined portfolio

Figures represent order intake from new build, in addition some MNOK 300 + per year is obtained from after market

KONGSBERG DEFENCE & AEROSPACE

KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must include this legend. © 2018 KONGSBERG – All rights reserved.

Consecutive growth in order back log, revenue, and EBITDA

Revenue by region

KONGSBERG DIGITAL

KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must include this legend. © 2020 KONGSBERG – All rights reserved.

Recuring revenues continue to grow in KDI

• Recurring revenue increased 27% from Q4 2020 to Q4 2021
• MNOK 347 recurring revenue in 2021 vs. MNOK 278 last year (+25%)
• Roll-out of new dynamic digital twins and onboarding of users continue
• SiteCom's transitions towards SaaS business model started
• Positive development in order intake and revenue from Maritime Simulations in H2

Associated Companies

• 3.6 BNOK in order backlog
• Annual capex/sales 2021 ~37%

• 1.5 EURb in order backlog

OUTLOOK

Current backlog secures growth in 2022

Continued favorable project mix support H1 2022 EBITDA-margins in line with H1 2021

Positive sentiment in new-building

KONGSBERG

MARITIME

Healthy order backlog coverage and solid lifecycle business

Commodity prices and components shortage might impact growth

KONGSBERG DIGITAL

Continued roll-out of KOGNITWIN® and Vessel Insight to existing and new customers

Scaling for growth both organic and inorganic

Solid balance sheet and BNOK 49.5 in order backlog, whereof BNOK 19.9 for delivery in 2022 give solid prospects for growth

INVESTOR PRESENTATION

Q&A

KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in pa rt, must include this legend. © 2020 KONGSBERG – All rights reserved.